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Where Taxpayers and Advisers Meet

Gifts from Income

Joined:Sun Apr 04, 2021 12:17 pm
Gifts from Income

Postby Another1 » Tue Jun 08, 2021 8:16 pm

If I wish to make regular gifts from income, can this be carried out by making the gift into an independent ‘family’ account whereby at final closure of this account,whether it be at death of donor or cessation of gifting,the balance of the account can be distributed to ‘family’ (children and/or grandchildren).If achievable would it have to be via a trust,and if so how do I arrange this?

I understand the conditions for gifting from income, but can income be made up of occ.pension,state pension and investment income?

Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Gifts from Income

Postby pawncob » Wed Jun 09, 2021 10:41 am

If it's a "family" account, all family members must be named on the account, or a trust deed written to include all beneficiaries.
Any "income surplus to requirements" counts towards the gift.
With a pinch of salt take what I say, but don't exceed your RDA

Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”